March 18 (Bloomberg) -- Outdoor Channel Holdings Inc., the
hunting and fishing cable-TV network that agreed to be bought by
Kroenke Sports & Entertainment LLC for about $227 million, is
being sued by an investor who claims the offer is too low.

Outdoor earlier accepted an $8-a-share offer in cash or
stock from InterMedia Outdoors Holdings LLC, then rejected the
offer in favor of Kroenke’s all-cash $8.75-a-share bid, costing
the company a $6.5 million breakup fee, the Outdoor stockholder,
Roberta Feinstein, said in a Delaware Chancery Court complaint
filed today in Wilmington.

The price increase “could have been significantly higher
had the board not hastily agreed to the inadequate offer by
InterMedia,” and Temecula, California-based Outdoor should be
auctioned, Feinstein said in court papers.

Closely held Kroenke, based in Denver, owns and operates
the Denver Nuggets of the National Basketball Association and
the Colorado Avalanche of the National Hockey League.

Outdoor runs shows on shooting, country music, off-road
motor sports, gold-prospecting, horseracing, rodeos, softball
and soccer, as well as hunting and fishing.